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 & (1) & (2) & (3) \\
VARIABLES & FD\_l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & l\_muTLsFSQt1\_pos\_w\_h\_ha\_dev & l\_muTLsFSQt1\_pos\_w\_h\_hp\_dev \\ \hline
 &  &  &  \\
FD\_l\_va\_agg & -0.239** &  &  \\
 & (0.116) &  &  \\
l\_va\_agg\_ha\_dev &  & -0.145 &  \\
 &  & (0.0953) &  \\
l\_va\_agg\_hp\_dev &  &  & -0.259** \\
 &  &  & (0.119) \\
Constant & 0.00248 & 7.07e-11** & -0.000120 \\
 & (0.00222) & (0) & (8.00e-05) \\
 &  &  &  \\
Observations & 6,875 & 6,325 & 6,875 \\
R-squared & 0.012 & 0.001 & 0.004 \\
Sector FE & Yes & Yes & Yes \\
 Cluster & Sectors & Sector & Sector \\ \hline
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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